Ecclestone, who will go on trial to face allegations that he bribed a German banker Gerhard Gribkowsky who is currently serving a jail sentence for receiving the payment, admitted to paying the cash, although he insisted that it is not bribery. (AFP)

According to the BBC, the board of Delta Topco, which runs F1, confirmed that until the case has been concluded, Ecclestone has proposed to step down as a director, although he will continue to run the business on a day-to-day basis. (Reuters)

The report however, mentioned that Ecclestone's stepping down means he can no longer approve and sign significant contracts, and his running the business will be subject to increased monitoring and control by the board. (AFP)

The chief executive of F1 has ruled the sport for almost four decades and is the long-time commercial rights holder of F1, but sold off a majority of the ownership in the 1990s, the report added. (AFP)